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News
Sugar stock sufficient; no plans for duty-free imports: Paswan
Date:
14 Aug 2017
Source:
Business Standard
Reporter:
Press trust of India
News ID:
22601
Pdf:
Nlink:
The country has sufficient stock of
sugar
available and there are no plans to allow further imports of the
sweetener
at zero duty, Food Minister
Ram Vilas Paswan
said on Saturday.
In order to ensure smooth
sugar
supply and stable prices in the new season starting October 2017, the government has asked mills to commence crushing operations early.
Prices are stable now and are expected to remain so in the coming festival season, he added.
Last month, import duty on
sugar
was hiked to 50 per cent to restrict cheap imports.
"The domestic availability of
sugar
is sufficient to meet the demand. We have already allowed duty-free import of 5 lakh tonnes. No plans to further allow duty-free imports," Paswan told reporters.
The country has
sugar
supply of about 27.9 million tonnes (MT) in the current 2016-17 season (October-September). This includes an old stock of 7 MT and current year's production of 20.4 MT and import of 5 lakh tonnes.
"This would be sufficient to meet the domestic demand till fresh
sugar
from the new crop is manufactured from October onwards," he said.
Also, mills have been asked to start their crushing operations bit early so that new
sugar
is available in the market and prices remain under control, he added.
Paswan further said that about 4.2 MT of the current year's
sugar
would be available to meet the local demand during the October-November period of this year when mills would be undertaking their crushing operations.
The monthly
sugar
demand is 2-2.5 MT.
Domestic production in the current 2016-17 season ending next month is estimated at 20.4 MT, lower than 25.1 MT last year.
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